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| Carson Yeung pleads not guilty to money laundering charges | Carson Yeung pleads not guilty to money laundering charges |
| (35 minutes later) | |
| The trial of the Birmingham City chairman Carson Yeung for alleged money laundering has begun with his lawyers attempting to have the case dismissed, according to reports from Hong Kong. Yeung, the chairman and a shareholder in Birmingham International Holdings Limited, the club's parent company, is accused of handling approximately HK$720m (£60m) which were the proceeds of crime. He pleaded not guilty to five counts of money laundering, which the prosecution alleges happened between 2001 and 2007, in five separate bank accounts. | |
| Yeung's barrister, Graham Harris, applied for the case to be dismissed because, he argued, too much time had passed for Yeung's lawyers to mount his defence. | Yeung's barrister, Graham Harris, applied for the case to be dismissed because, he argued, too much time had passed for Yeung's lawyers to mount his defence. |
| Harris said "a significant portion" of Yeung's wealth had been made in "lawful and legitimate stock trading" before 2001. As Hong Kong financial institutions need only hold records for seven years, proof of Yeung's legitimate stock trading could not be produced, he said. | Harris said "a significant portion" of Yeung's wealth had been made in "lawful and legitimate stock trading" before 2001. As Hong Kong financial institutions need only hold records for seven years, proof of Yeung's legitimate stock trading could not be produced, he said. |
| The prosecutor, John Reading, objected to the application, saying the missing papers related only to a small part of the money which is the subject of the prosecution. The judge, his honour Douglas Yau, adjourned the case until Friday when he will rule on whether the trial should continue. | The prosecutor, John Reading, objected to the application, saying the missing papers related only to a small part of the money which is the subject of the prosecution. The judge, his honour Douglas Yau, adjourned the case until Friday when he will rule on whether the trial should continue. |
| City, already relegated from the Premier League in May 2011, have been in turmoil and financial difficulties since Yeung was arrested in Hong Kong the following month and charged with money laundering. He had led the £81.5m takeover of the club in 2009, and owns a 25.4% stake in BIHL. | City, already relegated from the Premier League in May 2011, have been in turmoil and financial difficulties since Yeung was arrested in Hong Kong the following month and charged with money laundering. He had led the £81.5m takeover of the club in 2009, and owns a 25.4% stake in BIHL. |
| A former hairdresser who has been reported to have made his millions in investments and a Macau casino, Yeung has loaned the club £14m. City's 2011-12 accounts included a statement addressing the question of whether the Hong Kong prosecutors could seek to reclaim that money if Yeung is found guilty. "The directors have not received any information to suggest that funding provided to BCFC by Carson Yeung … was sourced from money-laundered funds," the statement said. | A former hairdresser who has been reported to have made his millions in investments and a Macau casino, Yeung has loaned the club £14m. City's 2011-12 accounts included a statement addressing the question of whether the Hong Kong prosecutors could seek to reclaim that money if Yeung is found guilty. "The directors have not received any information to suggest that funding provided to BCFC by Carson Yeung … was sourced from money-laundered funds," the statement said. |
| The three directors are Yeung himself, his 19-year-old son Ryan, and Peter Pannu, the club's acting chairman, who has been involved since the BIHL takeover. | The three directors are Yeung himself, his 19-year-old son Ryan, and Peter Pannu, the club's acting chairman, who has been involved since the BIHL takeover. |